Amazon stock gives up post-covid gains!
Tech giants soared in the aftermath of Covid-19. Amazon.com investors just saw their post-Covid gains erased!
Mega-caps have been battered by rising inflation, the Federal Reserve’s interest-rate increases, and a slowing economy.
Tweet on Amazon stock fluctuation
Amazon investors just saw their post-Covid gains erased!
Shares of Amazon are down nearly 3% Monday, on pace for their lowest close since March 2020!#Amazonブラックフライデー2022 pic.twitter.com/pegD69ici3
— The_Journalbiz (@the_journalbiz) December 19, 2022
Factset chart on Amazon
Shares of Amazon are down nearly 3% Monday, on pace for their lowest close since March 2020.A weak outlook has pulled the stock down more than 23% since its third-quarter earnings at the end of October. The Nasdaq Composite has lost about 2% over the same period.
Analysts at Evercore ISI trimmed their 2023 expectations for the stock in a Sunday note, though still expect it to outperform.
Last week, cool retail sales and services data added to recession fears. Amazon has now slid 49% this year, set for its worst annual performance since it lost 80% during the burst of the internet bubble in 2000
